Purchase options in Journal Square and Hoboken

[Brian Dalton]

My wife and I are currently looking at 2 properties to purchase as investments: one in Hoboken, one in the Journal Square area. Details are as follow:

#1 is in the Journal Square area and would be an appreciation play. Quiet block, well managed building.

Price: $245K

35% down, finance the rest around 4%

P&I is about $760

Taxes, fees, and insurance are around $750

Monthly rent: around $1700-$1850

Monthly cash: $181-$331

Cash on cash: 2.5%-4.6%

#2 is in Hoboken, near Columbus park (btwn Clinton & Grand/9th & 10th Streets). Not so much an appreciation play, but more of a steady income. 

Price: $399K

20% down, finance the rest around 4%

P&I is about $1525

Taxes, fees, and insurance are around $610

Monthly rent: around $2350-$2450

Monthly cash: $217-$317

Cash on cash: 3.3%-4.8%

Thoughts?